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Community banks that try to serve too broad an array of customers will wind up losing out to larger competitors. They would do better to focus on on one or two customer segments and familiarize themselves with those groups' specific habits and needs.

Read More from: BankThink

2 hours 59 min ago
Receiving Wide Coverage ... What's Next for Greece: One day after Greeks voted overwhelmingly to reject the bailout terms offered by European creditors, the country's future is up the air. One thing that's for sure: controversial Greek finance minister Yanis Varoufakis is stepping down at the behest of prime minister Alexis Tsipras in an effort to smooth upcoming negotiations with European creditors. Varoufakis has no regrets about the hardball tactics that aggravated eurozone officials: "I shall...

Read More from: BankThink

3 hours 57 min ago
At the conclusion of an individual’s bankruptcy case, the court enters an order closing the case, and a copy of this order is sent to the debtor. Unless the trustee has assets to distribute to creditors, case closing takes place fairly quickly in Chapter 7 cases. In Chapter 13, the case will not be closed until after the debtor finishes making payments under the plan. The case will also be closed if the court enters an order of dismissal.
4 hours 3 min ago
Auto parts maker Chassix Holdings Inc. won final court approval of its restructuring plan. Read the Daily Bankruptcy Review article via The Wall Street Journal. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) Yellowstone Club founder Tim Blixseth is staying in jail, the Associated Press reports. Stockton University doesn’t think developer Glenn Straub, who bought Atlantic City N.J.’s Revel casino, is serious about buying the former Showboat casino and wants to find a new buyer, the Associated Press reports.

Read More from: WSJ.com: Bankruptcy Beat

5 hours 28 min ago
Back on January 4, in my first post of the year, I wrote:"If the ultra-left Syriza party wins control of Greece's government this month, I expect Greece will default, for three reasons.  One, the core reason for Syriza's existence is to repudiate the terms imposed by the "Troika" (EC, ECB, and IMF) as part of the 2011 bailout and restructuring, so it doesn't really have a politically viable alternative to default, although I expect there will be an elaborate show of offers and counteroffers between its leadership and the Troika before a default occurs.  Two, even after the massive haircut inflicted on private creditors back in 2011, Greece was left with an unserviceable debt load, so it was inevitable it would get to the point of defaulting eventually, and there is a lot to be said on both sides to get it over with sooner rather than later, as opposed to the surplus-generating nations in the EU throwing good money after bad.  Last, those nations have to be worried about emboldening copycat repudiations by ultra-left parties in larger nations, especially Podemos in Spain, where there will be national elections in December, so it makes sense to l

Read More from: Necessary and Proper

6 hours 3 min ago
Today's Greek referendum might look like a high point for democratic accountability, but it is not. When Greek citizens vote on the demands of their government’s international creditors, the outcome will bind Greek politicians, but not the creditors that have prescribed economic policy for Greece since 2010. Instead, the European institutions and the IMF answer to a complex tangle of constituents outside Greece, including taxpayers in other countries that stand to lose money if Greece fails to pay its debts, and those who would suffer shock-waves from Greece abandoning the euro as its currency. This democracy mismatch can lead to over-lending and over-borrowing based on flawed policies and improbable assumptions, which might have been rejected if the creditors had a more direct stake in the consequences of their prescriptions for Greece from the start. Tying a small portion of debt repayment to policy outcomes would improve accountability and help align incentives for the borrowing government and its creditors alike.

Read More from: Credit Slips

1 day 2 hours ago
So I've been off the grid for a few weeks, and of course after months of little to talk about, the world gave us a bounty of stories about financial distress, and related topics, each of which would merit its own post. But I'm going to hit them quickly to get caught up again this holiday weekend:
  • I've always enjoyed reading Hamilton's Report on Public Credit, which has something of a reorganization plan about it, as well as a good discussion of distressed debt trading. Thus, I'm largely in agreement with those that say that Jackson and not Hamilton should go to free up space on one of our bills. But what about having two types of bill in each denomination? Harriet Tubman on some dollar bills, with Washington on the others, seems about right. 

Read More from: Credit Slips

2 days 22 min ago
Series: Real Estate Dumbed Down 2015 This webinar is a must-attend for anyone who will be representing a client in any type of real estate transaction.  Learn the proper guidelines that must be met to prove diligence.  Our expert panel will discuss what you must avoid in order steer clear of pitfalls that could destroy your reputation and career. Read more here.
3 days 9 min ago
Series: Commercial Bankruptcy Litigation The key battles in Chapter 11 often revolve around valuation disputes.  Valuation comes up early in a case, in the context of lift stay and financing motions.  It typically comes up again near the end in the context of confirmation battles.  And, valuation plays an important role in between.  This webinar will provide an overview of the varying contexts where valuation is a key driver and will discuss how courts arrive at decisions regarding value in various circumstances. Read more here.
3 days 11 min ago
In this third and final instalment of our review of key issues concerning schemes of arrangements, we contrast schemes with US Chapter 11 proceedings.  The shape of a restructuring is often influenced by a number of key factors; we highlight those that are most likely to be relevant. Continue reading >>
3 days 21 hours ago
You can set your mind at ease, because the short answer to this question is yes: it is entirely possible to purchase a home after filing for Chapter 13 or Chapter 7 bankruptcy.  Having a bankruptcy in your past is not an insurmountable barrier to home-ownership, nor does a former bankruptcy preclude the possibility of renting an apartment.  Countless people have gone on to successfully buy homes after receiving a discharge.  That being said, there are some considerations which debtors should be mindful of.  In this article, our bankruptcy lawyers will explain some of the factors you should think about if you’re planning on filing for bankruptcy and want to buy a house. Focus on Rebuilding Good Credit The entire purpose of bankruptcy is to give the debtor a clean financial slate by eliminating most if not all of the petitioner’s debts.  This includes debt related to medical bills, credit card bills, personal loans, business debts, social security over-payments, past due rent, civil court judgments (excluding fraud), collection agency accounts, and many other types of debt.  Bankruptcy is meant to unburden debtors, not act as a permanent financial punishment, and it is absolutely possible for most debtors to rebuild good, healthy credit after getting a discharge.

Read More from: Young, Klein & Associates

3 days 23 hours ago
The most powerful women in New York include two from JPMorgan, one from Goldman Sachs, and none (thatÂ's right, none) from Citigroup. Plus, JPMorgan alum Blythe Masters is making waves, as is actress Meryl Streep.

Read More from: BankThink

3 days 23 hours ago
Allowing real estate investment trusts to bridge the capital need for affordable housing could help de-escalate a rising public funding crisis.

Read More from: BankThink

4 days 4 min ago
In a recent case called Madden v. Marine Midland Funding, the Second Circuit ruled that a loan owned by a debt collector violated New York's usury statute.  The loan had been originally made by a national bank and was subsequently sold to the debt collector when it was in default.  There's no question that the state usury law was preempted when the loan was held by the national bank.  The Supreme Court's (awful) Marquette National Bank v. First of Omaha Service Corp. decision from 1978 makes that very clear.  (The Court suddenly discovered in 1978 that over a century of legal understanding of the 1864 National Bank Act was somehow wrong and that banks had been leaving lots of money on the table.)  

Read More from: Credit Slips

4 days 4 min ago
I hope everyone enjoys their time with family and friends this Independence Day weekend !  As you enjoy this time, and give thanks for our Founding Fathers that made the enjoyment of our Freedoms possible, remember that these same Founding Fathers also made it possible for your to be free of suffocating debt. Our Founding Fathers placed the following bankruptcy clause in our Constitution: To establish … uniform Laws on the subject of Bankruptcies throughout the United States; By doing so, they have enabled you, and future generations of Americans to enjoy the safety net and protection from harassing creditors that it allows. So remember, that along with your right to Free Speech and Freedom of Religion, you are also guaranteed the Right to Independence from Debt !
4 days 31 min ago
The U.S. economy added 223,000 workers last month as the unemployment rate dropped to 5.3 percent, but the overall picture was mixed as wage growth remained stagnant and the drop in unemployment had more to do with people leaving the labor force than robust job creation. Read more here.
4 days 49 min ago
Basis Points’ resident haiku master, the B-I-C, recently learned of a weekly haiku contest run by the Financial Times Executive Appointments section. He couldn’t resist entering. This week’s topic was “being fired,” and fortunately or unfortunately, the B-I-C was a winner with the following entry: My wife hugs me the shock recedes it returns By Evan Flaschen This is fine praise. The judges for this weekly contest include FT editors who narrow down the submissions, with the final selection being made by a judge affiliated with the British Haiku Society, World Haiku Association, Haiku Foundation, or Poet in the City. More information on the FT’s haiku contest can be found here.

Read More from: Basis Points

4 days 1 hour ago
The SEC is seeking public comment through a concept release (Possible Revisions to Audit Committee Disclosures) that it issued yesterday on whether the disclosure of the role of the audit committee should be expanded.  
4 days 1 hour ago
The Federal Housing Finance Agency wants to exclude mortgage real estate investment trusts from membership in the Federal Home Loan Banks. That would be a major setback for the entry-level borrowers who depend on mortgage REITs for sustainable home-financing options.

Read More from: BankThink

4 days 2 hours ago
Editor's note: Morning Scan will not publish on Friday, July 3 in observance of the Independence Day holiday. We'll be back on Monday, July 6. Receiving Wide Coverage ... Better Check the Math: Executives may soon have more skin in the game when it comes to accurate financial reporting. The Securities and Exchange Commission voted 3-2 to back a new plan that would require public companies to rescind executive officers' bonuses if accounting errors are discovered ...

Read More from: BankThink

4 days 4 hours ago

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